How to Handle This $$ Tranaction

[JPatrick]

I'm possibly going to buy a boat that is about 300 miles from my location.
The boat is currently financed which means no clear title.
Before I head off into the sunset, I'd like to know what I can expect/demand to insure I can drive away without a major mess.
My first thought is that we can all show up at the bank, pass some cash and have the title signed over to me after which I can apply for a new one.
However, I don't know if that is too much to expect from the bank on short notice. There also is the possibility that the bank in question could be out of town.

Any recommendations on how I can cover my butt on this transaction??

 

[F-One]

Are you using a boat broker? Do you have a contract? I have not been in that kind of situation with a boat but believe it is handled like buying a house with a mortgage.

 

[Gumby]

This thread may shed some light on the issues
http://www.early-retirement.org/forums/f27/used-car-private-party-sale-43437.html

 

[JPatrick]

Are you using a boat broker? Do you have a contract? I have not been in that kind of situation with a boat but believe it is handled like buying a house with a mortgage.

F-one, this is from a private buyer. No contract as of yet.

This thread may shed some light on the issues
http://www.early-retirement.org/forums/f27/used-car-private-party-sale-43437.html

Yup, that thread was spot on. Answered many questions and raised several caution flags.
One of the problems with boats is that you can end up with 3 titles. Boat, motor, and trailer. Three times the opportunity for a problem. I'm starting to see why this boat is sitting.
I'm going to ask him what his solution is and investigate that. If it seems plausible I'll shoot him a low ball offer a hope for the best.
In the interim, I'm seaching for a better/cleaner deal.
With any luck at all, the market will wipe out all my recent gains and I'll be able to forget the whole thing..

 

[freebird5825]

Are you using a boat broker? Do you have a contract? I have not been in that kind of situation with a boat but believe it is handled like buying a house with a mortgage.

I will heartily second the boat broker recommendation for any boat over 16'.
In other words, you hire a boat broker to represent you as the buyer. Broker will perform a bow-to-stern inspection for seaworthiness, arrange for a floating test run with owner operating the vessel (insist on this), handling paperwork - submitting your bid, checking titles, etc etc.
I sold a 34' Pearson sailboat and used a broker. The 10% commission was well worth it. No headaches.
Here's some info for you for CA laws, as an example.
http://www.dbw.ca.gov/FAQ/ConsProtect.aspx
Google "licensed boat brokers your state" for the applicable laws in your area.